Novi, MI Real Estate

According to census data in the year 2000 there were 19,657 housing units in Novi. This represents a 45% growth from 13,557 in 1990.

Of those housing units, 19,012 were located in either urbanized areas or urban clusters, and 645 were located in what is classified as a rural area.

Homeownership rate in Novi is about 70.9%. Novi's vacancy rate, including seasonal lodging, is about 4.7%. Average household size is 2.52 people.

The majority of houses, apartments or condos in Novi were built after 1984.


Housing Size

Housing Units by Size
Studio Type1.30%
One Bedroom11.30%
Two Bedrooms30.10%
Three Bedrooms28.60%
Four Bedrooms26.80%
Five Bedrooms or more1.90%
As % of Housing Units

Owned Homes, Apartments and Condos

Average Household Size2.85
Median year structure was built1983
Median Value of occupied units$236,300
Median Price asked for vacant units$296,400

Rented Homes, Apartments and Condos

Average Household Size1.72
Median year structure was built1986
Median Monthly Rent asked for vacant units$874

Owners Finance Status

Housing Finance
Second Mortgage & Equity Loan0.20%
Second Mortgage4.70%
Home Equity Loan14.30%
Simple Mortgage68.30%
Debt Free12.50%
As % of Housing Units
Median part of Monthly Household Income dedicated to covering home ownership costs18.3%